3 Top Dividend Stocks to Buy in September

Key Points

• Brookfield Asset Management expects to raise its dividend more than 15% annually.

• Rexford Industrial Realty has lots of embedded growth ahead.

• Mid-America Apartment Communities is in a strong position to capitalize on a reacceleration in rent growth.

• 10 stocks we like better than Brookfield Asset Management ›

Dividend stocks have proved to be exceptional long-term performers. Over the past five decades, dividend-paying stocks have not just outperformed non-payers; they've done so by more than 2 to 1.

They have delivered a compelling average annual return of 9.2%, compared to 4.3% for non-payers, according to Ned Davis Research and Hartford Funds. Companies that consistently grow their dividends have achieved the best returns at 10.2% annually.

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Brookfield Asset Management (NYSE: BAM), Rexford Industrial Realty (NYSE: REXR), and Mid-America Apartment Communities (NYSE: MAA) are dividend powerhouses with the potential to deliver robust payout growth in the coming years. With yields more than twice the S&P 500 average, these companies stand out as top dividend stocks to buy this September for those seeking both compelling income and growth potential.

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Rapid growth ahead

Brookfield Asset Management's dividend yield of around 3% more than doubles the S&P 500's payout (1.2%). This leading global alternative-investment manager backs its generous payout with steady, reliable management-fee income.

The company currently has over $1 trillion in assets under management (AUM), about half of which currently generate fees (totaling $549 billion). This capital has produced $2.6 billion in fee-related earnings over the past 12 months.

Brookfield is on track to double its fee-bearing capital by 2029, targeting $1.1 trillion -- a catalyst expected to deliver 17% compound annual fee-related earnings growth per share. The company also plans to start harvesting carried interest in 2029 (performance-based fees as funds exceed their targeted returns), further accelerating growth. This robust outlook provides strong backing for Brookfield's plan to increase its dividend by more than 15% annually over the next several years.

Ample embedded growth ahead

Rexford Industrial's dividend currently yields around 4%. The real estate investment trust (REIT) backs its payout with stable rental income.

Rexford owns 422 industrial properties in Southern California, leased to over 1,600 customers. The region is one of the world's largest industrial markets, benefiting from strong demand and constrained supplies.

These market dynamics tend to drive high occupancy rates and strong rental growth. That has enabled the company to increase its funds from operations (FFO) and dividend at 13% and 15% compound annual rates, respectively, over the past five years.

The REIT secures long-term leases with built-in annual rental increases. Its current portfolio features clauses that will escalate rents 3.7% annually, adding over $105 million in incremental net operating income (NOI) over the next few years.

Market rents are growing even faster and should add another 3% to its lease rates as existing contracts expire and renew at higher rents, adding $20 million in annual NOI. Rexford also has several repositioning and redevelopment projects underway that will contribute another $70 million once stabilized.

These combined catalysts position it for more than 28% near-term growth. And its strong balance sheet enables the company to capitalize on acquisition opportunities. All this should enable Rexford to continue increasing its dividend at an above-average rate.

Headwinds shifting to tailwinds

Mid-America Apartment Communities' dividend yield is currently over 4%. The multifamily REIT has increased its dividend for 15 straight years and has grown its payout at a 7% compound annual rate over the past decade, significantly exceeding the sector average.

The landlord focuses on owning apartments across the Sun Belt, an area that has benefited from strong demand for rental housing, especially since the pandemic. This had led to a regional apartment building boom, which has slowed rent growth in more recent years.

Higher interest rates over the past few years have finally started to slow new developments, a trend that sets the stage for an acceleration in rent growth. Mid-America is further capitalizing on that opportunity with nearly $1 billion in construction projects that will supply incremental income as they stabilize over the coming years. The combination of higher rent growth and portfolio expansion puts the REIT in a prime position to maintain its impressive dividend growth track record.

Top-tier dividend growth stocks

Brookfield Asset Management, Rexford Industrial Realty, and Mid-America Apartment Communities offer high-yielding, fast-growing dividends backed by strong business models. Each company has visible growth catalysts, and their mix of attractive income streams and growth potential makes them some of the more compelling dividend stocks this September.

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Matt DiLallo has positions in Brookfield Asset Management, Mid-America Apartment Communities, and Rexford Industrial Realty. The Motley Fool has positions in and recommends Mid-America Apartment Communities. The Motley Fool recommends Brookfield Asset Management. The Motley Fool has a disclosure policy.